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04/18/2014

Study Finds Local Banking Important to Gen Y

ICBA NewsWatch Today 04/18/2014

ResearchStudy Finds Local Banking Important to Gen YMost Generation Y adults say banking locally is important, according to a new study. The study from BancVue also found that members of Gen Y look for mobile tools, rewards programs and brand names more often than older generations when shopping for a bank. According to the study, 72 percent of Gen Y adults said banking locally is important. However, 23 percent of those with a checking account not at a community financial institution said they don't use CFIs because they don't believe community banks or credit unions offer the same benefits they get at their current bank. Additionally, 30 percent of these Gen Y consumers say they don't use a community bank or credit union because they've never thought about it. The study also found that 18-to-34-year-old adults with a checking account are more likely than older generations to say that mobile banking customizable rewards, cash-back options and a recognizable brand name are at least somewhat important. Flood InsuranceFEMA Restoring Subsidized Flood Insurance Rates on May 1The Federal Emergency Management Agency said it will stop National Flood Insurance Program policy increases for certain subsidized policyholders in accordance with a new ICBA-backed flood insurance law. In a bulletin for Write Your Own insurance companies, FEMA provided guidance on how to adjust rates for certain pre-Flood Insurance Rate Map (FIRM) properties, which typically were built before the development of detailed flood maps. Effective May 1, pre-FIRM properties that were subject to a full risk rate because they were purchased after enactment of the Biggert-Waters Act or because of a lapse in coverage will see their subsidized rates restored. Read the FEMA Bulletin.Go LocalICBA: Community Banks Keep Rural America GrowingCommunity banks keep rural America growing by lending to local farmers and ranchers, ICBA said this week in a national news release that community bankers can customize for their communities. The customizable news release is part of ICBA’s Community Banking Month Marketing and Communications Toolkit. Community bankers also can celebrate Community Banking Month by tweeting with the #BankLocally hashtag and sharing their photos with ICBA on Facebook. Additionally, community bankers coming to the nation’s capital for the Washington Policy Summit can enter a social media contest. Community bankers who tweet ICBA a photo of themselves and a #BankLocally Metro ad will be entered for one of five $50 gift cards. Access Customizable Release.AdvocacyTweet Congress from Home During Washington Policy SummitCommunity bankers who can’t make it to this month’s Washington Policy Summit can still participate via ICBA’s grassroots Twitter map. The map makes it easy for community bankers to tweet their members of Congress on the industry’s top issues. To participate, find your state on the map, click the names of your members of Congress, and customize and tweet your message from the pop-up window. Additionally, Washington Policy Summit attendees can use the map to quickly and easily find their lawmakers’ Twitter handles during the event. View the Twitter Map.ICBA NewsWatch Today is sponsored by Holtmeyer & Monson:Earn a 12-14% premium on the sale of SBA loan guarantees in the secondary market. One big reason why community banks are taking advantage of SBA Lending in record numbers! And the ICBA recommends just one provider to make the process hassle-free for its members. Call us today to get started. ICBA Preferred Service Provider Holtmeyer & Monson does all the work, at no net cost to your bank. Call (800) 340-7304 or visit www.holtandmon.com.AdvocacyICBA Backs Bills Improving Regulation, Too-Big-To-Fail SafeguardsICBA this week offered its support for three pieces of legislation to improve community bank regulation and address the too-big-to-fail threat. The association expressed support for:

S. 2252, introduced by Sen. David Vitter (R-La.), to require community bank representation on the Federal Reserve Board,

H.R. 2266, introduced by Rep. Michael Capuano (D-Mass.), to require too-big-to-fail firms to establish and maintain a reserve to be funded annually in the amount of their too-big-to-fail subsidy.

RegulationSEC Proposes New Rules for Swap DealersThe Securities and Exchange Commission proposed new recordkeeping, reporting and notification requirements for security-based swap dealers and major security-based swap market participants. The rulemaking is required by the Dodd-Frank Act, which authorizes the SEC and other regulators to implement a comprehensive framework to regulate the over-the-counter swaps and security-based swaps markets.EconomyRural Economic Index Advances in AprilThe rural Main Street economy improved in April and was above growth-neutral for the second straight month, according to Creighton University’s Rural Mainstreet Index. The index increased to 53.2 from 50.1 in March and 48.4 in February. The index indicates that the areas of the nation highly dependent on agriculture and energy are experiencing much slower growth than for the same period in 2013, Creighton economics chair Ernie Goss said.PollTake This Week’s Quick PollTake this week’s Quick Poll on community bank congressional open houses, and view results from the previous poll on the end of Microsoft support for Windows XP. View the Archive.